Estate planning can be viewed as something that is done on paper. Indeed, it does involve the execution of legally binding documents. However, there is also a human element to consider when you are engaged in your estate planning efforts. Recording your wishes on paper is one thing, but how are these wishes going to come to fruition after you pass away? There is a postmortem element, and you should think this through thoroughly when you are planning your estate. There are various different … [Read more...] about Estate Planning 101: What Is California Probate?
Grandparents who want to provide for their grandchildren and are in possession of resources that exceed the unified gift/estate tax exclusion amount have some options. One possibility would be to start a trust for the benefit of a grandchild. If you want to set aside resources without being subject to the gift tax, you could give gifts in trust equaling as much as $13,000 per year without incurring any gift tax liability. An option that is available to you if you have minor grandchildren would … [Read more...] about Estate Planning Information for Grandparents
You must have a postmortem action plan if you want to make comprehensive preparations for the inevitable. While it is important to position your assets optimally and execute the appropriate estate planning documents, you must also consider the hands-on tasks that must be completed to make your final wishes a reality. When you explain your situation to your attorney, he or she will gain an understanding of your financial position and make recommendations with regard to possible tax efficiency … [Read more...] about Comprehensive Planning Includes Postmortem Action Plan